Fraud Auditing, Detection, and Prevention Blog

Does Fraud Mitigation Work in Real Life the Way the Auditing Profession Believes?

Nov 17, 2021 9:07:46 AM / by Leonard W. Vona posted in Fraud Schemes, Fraud Auditing, ...

Before we start this month’s blog, last month’s fraud trivia questions and answers.

What was the original name of the ACFE? NACFE

What was the original name of the ACFE monthly newsletter? White Paper

Is there a designation, Life Time CFE? Yes, it was issued once in the early years

What is your favorite Fraud Movie? This is always a tough question, but here is a few: Catch Me if You Can; The Wolf of Wall Street; Wizard of Lies, and of course, The Accountant.

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Think like a thief. Does this really work for Fraud Auditing?

Dec 14, 2020 10:26:12 AM / by Leonard W. Vona posted in Fraud Auditing, Fraud Detection, ...

There’s a notion in fraud auditing that the auditor should “think like a thief.” I am going to go out on a ledge and raise the question: Is the idea of thinking like a thief a silly suggestion? I ask you, were raised to think like a thief? Did your parents compliment you on your lying skills? Did your teachers praise you on your ability to cheat on a test? Do you and your associates discuss how to steal from your employer at the lunch table? Certainly, the answer is no!

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Integrating Fraud Testing Into Your Audit Program

Jul 15, 2020 8:36:51 AM / by Leonard W. Vona posted in Fraud Auditing, Fraud Detection, ...

Let’s start out with a question:  Is the audit profession doing a better job today than 20 years ago in responding to the risk of fraud in audits?

Various studies indicate that whistle blowers and accidents are still the number one reason for detecting frauds while the audit process is still on the bottom of the list. So, I guess the answer to the question is “no!”

I do not, however, think this is a reflection on the people working in the profession but rather the tools, or lack there of, that auditors are using in the audit.

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